ROANOKE, Va. (WDBJ) -- The Roanoke Valley real estate market is making history.
In 2019, the Association of Realtors recorded $1.3 billion in total home sales - their best year ever.
“We actually had limited inventory for most of the year, which created a scenario where we were seeing many multiple-offer situations, which of course drives up the sale price,” said Roanoke Valley Association of Realtors President Walter Grewe.
5,688 homes exchanged hands throughout the region over the last 12 months - the most since 2005.
The average sale price was up $14,000, partly because eager buyers jumped on the limited supply of available homes quickly.
“What we’re seeing indicates this will probably be another year that looked exactly like '18 and '19, with limited inventory again, homes selling extremely quickly and multiple-offer situations,” said Grewe.
Roanoke Valley Association of Realtors CEO Laura Benjamin expects 2020 to be no different.
“We absolutely predict locally and nationally that 2020 will be as strong as 2019.”
She says prospective buyers need to be ready to make offers quickly on homes that match their needs, and prospective sellers need to make sure their homes are 'market ready.'
“If you have to make a few repairs, consult your realtor to find out which repairs will return the most to you.”
The Association of Realtors also adds low-interest rates helped drive strong sales numbers last year, and they expect those rates to remain constant or even drop this year.
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